BUA Cement gives N2b share bonus to workers

The largest shareholder and Chairman of BUA Cement Plc, Abdul Samad Rabiu, has announced a share bonus gift, from his pool of shares, for employees of the company worth almost N2billion in recognition of their effort to keep the company profitable despite the pandemic and predictions of a tough year.

Despite the pandemic, BUA Cement remained one of the most profitable companies in Nigeria declaring a Profit After Tax of N72.3billion, representing a 19.4 per cent increase over the corresponding period in 2019.

The development was announced by the company in a statement and details released in a filing on the NGX.

According to the company Chairman, it was important to recognise the effort of key workers who worked tirelessly despite the 2020 pandemic to keep the company on a strong footing even as the company was better placed to stay profitable for the foreseeable future.

“As we head into another year of record profits, this share bonus for our employees is only the right thing to do. Bydoing so, our core employees are better placed to benefit from BUA Cement’s future successes which they continue to help deliver,” Rabiu said.

Despite the pandemic and attendant economic slowdown, BUA Cement Plc declared a 19.3per cent increase in revenues to N209.4billion in 2020 from N175.5 billion, as at FY2019. The company also declared Profits After Tax of N72.3billion representing a 19.4per cent increase over the corresponding period in 2019.